European Central Bank (ECB) board member Fabio Panetta described crypto as a harmful product that does not benefit society.
Cryptocurrencies have been getting a lot of attention lately. The rises experienced by cryptocurrencies pave the way for investors to return. Bitcoin started to give bullish signals by exceeding $31,000. Although the crypto market has improved, the negative views of many actors have not changed.
Fabio Panetta, a member of the ECB board of directors, said that instead of turning into an innovative form of finance, crypto has turned into a harmful form of finance. Panetta thinks crypto is harmful to society.
ECB Official: Crypto Turned into Gambling!
European Central Bank (ECB) board member Fabio Panetta stated that crypto assets have turned into gambling due to their volatile nature. Panetta argued that global regulators should address crypto specifically.
Drawing attention with his anti-crypto statements, Panetta said;
Policy makers should be wary of supporting an industry that has so far provided no societal benefit and is increasingly trying to integrate itself into the traditional financial system, both to gain legitimacy as part of it and to lean on it.
Keeping his views tight, Panetta stated that security and decentralization on the crypto side cannot be successful and therefore a clear regulation is needed. Drawing attention to the collapse of BTC last year, Panetta claimed that although crypto seems innovative, it has taken on a structure that is harmful to society.
Panetta stated that the crypto ecosystem is full of glitches and that these glitches can be remedied with regulatory measures.
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